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Fisher & Paykel Appliances Ltd: Comparative Analysis Between Brazil and Chile

Essay by   •  September 21, 2012  •  Research Paper  •  5,630 Words (23 Pages)  •  1,647 Views

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Company Overview:

Fisher & Paykel is a leading appliance manufacturing company located in East Tamaki, New Zealand and was founded by Sir Woolf Fisher and Maurice Paykel in 1934.

Their major appliances include refrigerators, dishwashers, ovens and washing machines. Their products are available in almost 80 countries throughout the world with their main manufacturing plants located at Auckland in New Zealand, Italy, Thailand and Reynosa, Mexico.

In November 2001, Fisher & Paykel split into Fisher & Paykel Appliances Holdings ltd and Fisher & Paykel Healthcare Corporation Ltd.

For the year ended March 2011 Fisher & Paykel Appliances Holdings Limited reported a group net profit after tax of $33.5 million. This improved profit is the result of lower interest costs, operational improvement and the group not having abnormal changes compared to last year which resulted $83.3 million loss after tax for the previous year. This profit was made on the sale of the buildings and land of $6.5 million before tax on the sale of the land at Cleveland Australia and the recycling building located east Tamaki, New Zealand. Excluding the profit on sale of land and buildings and other items Fisher & Paykel reported a profit after tax of $30.0 million compared to $18 million for the previous year.

The Financial result was strong. Operating profit before interest and tax was $34.7 million, a 20% increase from last year's result of $28.9 million.

They are committed towards the environmental footprint through waste reduction and energy reduction targets. Their goal is to reduce emissions and apply the principle of recycle, reduce and reuse to all of their process waste in the markets all over the world. Fisher & Paykel is a brand renowned for its products.

Fisher & Paykel Strategic Plan

Fisher & Paykel Appliances Holdings Limited comprises of three distinct businesses.

Appliances Business

Components and Technology Business

Finance Business

They have five main strategies to Improve business

Delivering Customer Benefits: Customer focused, differentiated products, Brand experience, Product Innovation, Focus on quality and Environment

Disciplined Market growth: New Zealand and Australia - protect and grow home markets, North America - Profitable growth, Rest of World - Profitable sales, China and India - Long term options to access growth markets, Alliances - Haier, Whirlpool and others and components and Technology - build expertise and diversify earnings.

Business Excellence: Organisational excellence Framework and Structure and systems

Organisational Capability: people and Leadership, Talent Management

Cost reduction: Consolidate manufacturing cost position, ongoing review of manufacturing facilities, Delivering Profit growth and Core appliances capital expenditure in line with depreciation and amortisation.

Their other strategies are to protect the market share, Use OEM products to fill product and market gaps, focusing on Australia and New Zealand being major priority markets for product development. Focus on quality.

Fisher & Paykel Appliances Financials for the Year ended 31 March 2011

Income Statement

For the year ended 31 March 2011

Consolidated Parent

31 March 31 March 31 March 31 March

2011 2010 2011 2010

$'000 $'000 $'000 $'000

Revenue

Operating revenue 1,110,342 1,157,029 - -

Other income

Profit on sale of land & buildings 6,508 3,904 - -

Other income 4,093 3,130 - -

Total other income 10,601 7,034 1 70

Total revenue and other income 1,120,943 1,164,063 1 70

Items affecting comparability:

Costs associated with implementing the Global Manufacturing Strategy - (14,620) - -

Redundancy costs related to restructuring - (8,321) - -

Debt restructuring costs - (11,110) - -

Onerous contracts (882) (731) - -

Fair valuation of other assets - (21,722) - -

Fair valuation of non-current assets held for sale (500) (4,083) - -

Impairment losses - (76,515) - -

(1,382) (137,102) - -

Other operating expenses (1,056,038) (1,101,836) 111 (286)

Total operating expenses (1,057,420) (1,238,938) 111 (286)

Operating profit/(loss) 63,523 (74,875) 112 (216)

Finance costs (15,403) (28,393) - -

Profit/(loss) before income tax 48,120 (103,268) 112 (216)

Income tax (expense)/credit (14,575) 19,940 35 (612)

Profit/(loss) for the year 33,545 (83,328) 147 (828)

Profit/(loss) per share attributable to the

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